Ann: Corporate Update-STX.AX, page-109

the plan was always to realise the Cooper asset to the point where STX could maximise it's takeover potential and I don't see that changing anytime soon. Putting aside this current abberation MC was always determined to achieve this together with DW and the Board. MC won't sell out cheaply because he knows there are plenty of others amongst that top twenty who can soon group up and hose down an opportunistic offer regardless of his own personal motives - whatever they currently happen to be.

Having said that and despite current speculation, I think nothing strategic has changed for STX or MC and todays ann confirms it! STX are going to keep working towards a stable (commercial) flow at Klebb in order to access a wad of additional capital, implement the demo facility and prove that the project is a stand alone commercial proposition! They want a significant reward for their patience and risk taking and only flows can do that! When and only when they achieve this, then they may consider options, I doubt before.

This is what so annoys me about ditching DW, why now?..why at this critical juncture? To me it makes no sense to lose so much expertise in DW at the precipice!! This decision could risk the whole project, particularly if they have further complications from here on. What are they going to do if something goes seriously wrong from here...ring Dave???

Furthermore , I want to remind all fellow posters that any success these next three/four months out there in the Cooper (ie up to Xmas) is all due to the work of Dave Wrench and his technical team - nothing to do with the wheeler dealers at head office! If we get to Commercial flows you can thank him!

HC